Texas Law and Regulation Definitions (10%) Flashcards
What means: (A) the attorney general; (B) a local or state law enforcement agency of this state or a federal law enforcement agency; (C) a prosecuting attorney of the United States or of a county or judicial district of this state; or (D) the Department of Public Safety, the Texas Department of Insurance, the Office of Consumer Credit Commissioner, the Texas Department of Banking, the credit union department, the Department of Savings and Mortgage Lending, the Texas Real Estate Commission, or the Texas Appraiser Licensing and Certification Board?
Authorized governmental agency
What means any office that is separate and distinct from the company’s headquarters location, whether located in Texas or not, which conducts mortgage business on residential real estate located in the state of Texas?
Branch Office
What means temporary or short-term financing requiring payment of only interest until the entire unpaid balance is due?
Bridge Loan
What means an employee of the department performing his or her assigned duties or such other person as the Commissioner may designate in writing?
Commissioner’s designee
-A Commissioner’s designee is deemed to be the Commissioner’s authorized “personnel or representative” as such term is used in Finance Code,
following the receipt of an application from a consumer, includes: (A) the receipt, collection, distribution, and analysis of information related to the processing or underwriting of a residential mortgage loan; and (B) communication with a consumer to obtain information necessary to process or underwrite a loan, to the extent that the communication does not include offering or negotiating loan rates or terms or counseling the consumer about residential mortgage loan rates or terms
Clerical or support duties
What means: (A) the Board of Governors of the Federal Reserve System; (B) the Office of the Comptroller of the Currency; (C) the Federal Deposit Insurance Corporation; or (F) the successor of any of those agencies?
Federal banking agency
What means a mortgage product other than a 30-year fixed rate mortgage?
“Nontraditional mortgage product”
What means an activity that involves offering or providing real estate brokerage services to the public, including: (A) acting as a real estate broker or salesperson for a buyer, seller, lessor, or lessee of real property; (B) bringing together parties interested in the sale, purchase, lease, rental, or exchange of real property; (C) negotiating, on a party ’s behalf, any provision of a contract relating to the sale, purchase, lease, rental, or exchange of real property, other than a negotiation conducted in connection with providing financing with respect to such a transaction; (D) engaging in an activity for which a person is required to be registered or licensed by the state as a real estate broker or salesperson?
“Real estate brokerage activity”
What means an individual who: (A) is a residential mortgage loan originator and is an employee of: (i)a depository institution; (ii) a subsidiary that is: (a) owned and controlled by a depository institution; and (b) regulated by a federal banking agency; or (iii) an institution regulated by the Farm Credit Administration; and (B) is registered with, and maintains a unique identifier through, the Nationwide Mortgage Licensing System and Registry?
“Registered mortgage loan originator”
What means an individual who for compensation or gain or in the expectation of compensation or gain: (i) takes a residential mortgage loan application; or (ii) offers or negotiates the terms of a residential mortgage loan; and (B) does not include: (i) an individual who performs solely administrative or clerical tasks on behalf of an individual licensed as a residential mortgage loan originator or exempt from licensure under Section 180.003, except as otherwise provided by Section 180.051; (ii) an individual who performs only real estate brokerage activities and is licensed or registered by the state as a real estate broker or salesperson, unless the individual is compensated by: (a) a lender, mortgage broker, or other residential mortgage loan originator; or (b) an agent of a lender, mortgage broker, or other residential mortgage loan originator?
“Residential mortgage loan originator”
What is A political subdivision of Texas or the federal government doing business for consumers in Texas, or an organization that qualifies for an exemption from state franchise and sales and use tax as a 501(c)(3) organization, that is involved in affordable home ownership lending programs?
Auxiliary Mortgage Loan Activity Company
What is the definition of a Property Tax Loan?
An advance of money secured by a special lein against a property transferred from a taxing unit to the lender.
What is the definition of a Statement of Ownership and Location?
This document is used to convert a mobile home into real property
-The consumer can designate on this document whether the home is treated as a real property (fixed to the land) or personal property (movable home).
What is the definition of a Homestead?
This is another term commonly used in Texas as Primary Residence
What is a Homestead exemption?
Prevents the sale of a primary residence to meet the demands of certain creditors. The homestead exemption does not prevent creditors from foreclosing on a borrowers home. (This also refers to an exemption on the amount of property taxes paid on a primary residence)
